Pawn shop chain makes the move south.
After nearly two years of receiving investment from Mekong Capital’s Mekong Enterprise Fund III, F88 made a milestone in officially opening two new stores in Ho Chi Minh City, on Cach Mang Thang Tam Street, District 1, and Au Co Street, Tan Binh district, on November 11.
F88 Chairman Mr. Phung Anh Tuan said the expansion to Ho Chi Minh City is within the long-term development plan of the pawn shop chain, as it holds major potential in consumer finance loans and could handle three times more shops than Hanoi.
“We are confident about bringing a whole new pawn service to the city, with friendly service and responsible lending,” he said. “We expect to open 200 stores in the time to come.”
The management, operations and development experience gained in major cities in the north will be the foundation of the company rapidly expanding its network in the south, he added.
F88 was launched in 2013 as a startup operating in the pawn service sector. It now offers a variety of collateralized loan services on motor cars, motorbikes, telephones, and laptops for short, small value loans.
It operates similar to a finance company, with appraisal, approval, and management of loans, but in terms of operations more resembles a retail business,
Evaluation is the core activity, Mr. Tuan said, and in addition to building an appraisal board, with specialists from many fields, F88 has also invested in appraisal technology capable of keeping updated market prices.
F88 is keen to expand its chain after opening 45 pawn shops in six northern cities. Total disbursement in 2017 stood at VND600 billion ($25.7 million).
My Van report on Vneconomictimes